PKF Littlejohn supports Ondo InsurTech with prospectus and open offer

PKF Littlejohn has supported Ondo InsurTech plc in connection with a prospectus and open offer to raise a total of £4.2m. 

This fundraise comes in two stages which has seen Ondo Insurtech raise £3m via a placing and a further £1.2m via open offer. 

The placing and open offer are to raise funds to enable Ondo to accelerate and roll out operations into the US and maintain growth in other UK and Scandinavian markets.

Ondo InsurTech is a leading company in claims prevention technology for home insurers. Its strategy is to become the leading cost effective solution for managing escape of water risk across North America and Western Europe. 

In 2022, the insurance tech company was granted the LSE’s Green Economy Mark, which recognised LeakBot’s contribution to the global sustainability economy.

PKF acted as reporting accountant on the transaction and the Transaction Services team included Joseph Baulf, Sam Bradshaw and Martha Povoas.

Kevin Withington, chief financial officer, Ondo Insurtech plc, said: “Ondo InsurTech plc completed a successful Placing and Open offer which is another step in Ondo’s growth story with new funding to be deployed for targeted expansion in the USA , UK and Nordics. 

“The transaction services team at PKF led by Joseph Baulf was professional, pragmatic, and commercial in their approach which enabled this transaction to be completed within the required tight timescales.”